Summit
Nationwide Life Insurance Company
5%
Free W/D
22
States
The Nationwide Summit Fixed Indexed Annuity is a deferred annuity that credits interest based on index performance with downside protection, designed for individuals seeking retirement income with principal safety.
Free Withdrawal
5%/yr
Available In
22 states
Min Premium
$5,000
Surrender
10 years
Key Features
Index Account
Cap varies annually, never below guaranteed minimumAnnual earnings credited based on S&P 500 or J.P. Morgan Mozaic II Index performance without capital gains and dividends, up to an annual cap
Fixed Account
Tiered rates availableDaily-credited fixed interest rate option with rates tiered based on premium amount
Minimum Guaranteed Contract Value
Protects principal even if index declinesA percentage of your purchase payment accumulated at a specified rate, protecting your investment
Free Withdrawal Amount
10% annually at beginning of termAccess 10% of contract value annually without surrender charges (noncumulative)
Contingent Deferred Sales Charge
9% to 0% over 7 yearsSurrender charge schedule that declines over 7 years, with exceptions for qualified withdrawals
Long-Term Care Waiver
Available after year 1, max issue age 80Allows CDSC and MVA-free withdrawals if you require long-term care or confinement
Annuitization
No additional cost for lifetime income optionConvert contract to lifetime income payments at no additional cost starting at age 100
Joint Option
Surviving spouse can continue contract or take lump sumName a spouse as co-annuitant with death benefit payable upon either spouse's death
Highlights
Earn interest linked to market index performance (S&P 500 or J.P. Morgan Mozaic II) without direct stock market risk
Guaranteed minimum contract value protects your principal, even if index performance is negative
10% annual free withdrawal access plus waivers for long-term care and terminal illness at no extra cost
Flexible account allocation between index and fixed options, adjustable annually
Lifetime income option available at no additional cost through annuitization
Surrender Schedule
Yr 1
9%
Yr 2
8%
Yr 3
7%
Yr 4
6%
Yr 5
5%
Yr 6
4.5%
Yr 7
3.5%
Yr 8
2.5%
Yr 9
1.5%
Yr 10
0.5%
After
0%
Nursing home waiver, Terminal illness waiver
Best For
Individuals age 90 or younger (85 for joint annuitants) seeking tax-deferred growth linked to market indexes with principal protection and flexible retirement income options.
Consider Alternatives If
Those needing immediate income or frequent access to funds, as the 7-year surrender charge period and market value adjustments penalize early withdrawals.
Carrier Ratings
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From the AdvisorWorld.com Community